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Lacson wants the fuel excise tax to be temporarily suspended.

Senator Panfilo “Ping” Lacson of the Partido Reporma reaffirmed his appeal for the urgent suspension of excise duties on gasoline items, even if only temporarily, as another major oil price spike approaches this week.

According to the presidential candidate, this will provide much-needed breathing room not only for motorists but also for other industries affected by rising fuel prices.

“This week, another round of fuel price hikes is due, and the increases will be unprecedented. As a result of Russia’s invasion of Ukraine, the Mean of Platts Singapore (MOPS) reference price for refined petroleum products and other oil price indices have already reached new highs “In a statement released on Sunday, the standard-bearer for the Partido Reporma remarked.

He went on to say that this might push gasoline and diesel costs up to PHP80 to PHP90 per liter.

Lacson advocated putting in place a mechanism that would suspend the fuel excise tax when crude oil prices based on the MOPS reach or surpass USD90 to USD100 per barrel.

When prices fall below specified thresholds, the excise tax might be reimposed.

He stressed the importance of the issue, noting that rising fuel prices will have an impact on food and other basic necessities.

“The higher trend in fuel prices is projected to continue, and the government must act now to offset the impact of international oil prices on motorists, public transportation, fishermen, and farmers, who will bear the brunt of this burden if we do not act now,” Lacson said.

While the suspension of the excise tax may result in a revenue loss for the government, Lacson stated that “what concerns today is the plight of regular Filipinos.”

“The government should provide ‘breathing room’ for the people so that the economy can revive. This is only a temporary solution, but it will be greatly appreciated as we all try to get back on our feet “Added he.

“Long-term solutions should include investing in renewable energy, easing the transition to electric vehicles in the transportation sector, and looking for oil, gas, and other indigenous energy resources that can provide long-term energy. This will serve a variety of reasons in terms of climate, the environment, and long-term development. This will reduce our reliance on imported fuel and serve as a safety net against disturbances such as war “Lacson explained.

Apart from the war between Russia and Ukraine, the presidential hopeful said the Philippine government should be “vigilant and prepared” as the situation in North Korea unfolded.

Lacson cited recent accusations of North Korean aggression, including the launch of a suspected ballistic missile just days before South Korea’s presidential elections on March 9.

“We need to keep a close eye on this because it’s very close to us and extremely unpredictable,” said Lacson, the Senate Committee on National Defense and Security’s chairman. He noted allegations from the preceding few weeks that North Korea had conducted two missile tests.

While North Korea stated that the tests on February 26 and March 4 were part of a new spy satellite program, the US believes it was testing an ICBM, or intercontinental ballistic missile.

The “latest series” of ballistic missile launches by the DPRK (Democratic People’s Republic of Korea) “violate multiple UN Security Council resolutions and represent a threat to the DPRK’s neighbors and the international community,” according to a statement from the US Indo-Pacific Command.

In reaction to North Korea’s actions, the US Indo-Pacific Command has strengthened monitoring and reconnaissance in the Yellow Sea, as well as improved the readiness of its ballistic missile defense assets in the region.

“Any crisis involving the Republic of Korea and Japan affects thousands of Filipinos in these two nations, aside from military responses from other places,” Lacson added.

“I sincerely hope it does not come to this and that diplomacy triumphs. However, the reality is that the situation necessitates our alertness and readiness “Added he.

Meanwhile, the Department of National Defense (DND) has expressed concern about the unpredictable situation in the Philippines, which could jeopardize the safety of Filipinos in other nations.

“Senator Lacson brought up the ongoing war in Ukraine and North Korea’s recent reported missile launches, both of which are being analyzed for their potential direct and indirect effects on our security and economy. We are in close communication with the Department of Foreign Affairs to ensure that we are ready to assist in any possible repatriation operations “Delfin Lorenzana, the Secretary of Defense, stated in a statement.

Lorenzana stated that the CIA shares the world community’s desire for peace and sobriety.

“We remain confident that the concerns between the parties concerned can be resolved peacefully and quickly,” he continued.

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